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Debt & Equity

New York Realty Advisors provides $15.5M loan for Hell’s Kitchen hotel

Photo by Keith Cooper/ Flickr
Photo by Keith Cooper/ Flickr

Jeanne Cronin and Zeev Douek of Q10 New York Realty Advisors have arranged a $15,500,000 permanent loan on an 80-room limited service hotel near the Jacob Javits Convention Center.

The loan was a cash-out refinance of over $3 million at a fixed interest rate for the term of the loan.

Hotel management had recently changed flags and the property was going through a transition period.

The loan was placed with a local bank and closed in six weeks from the signing of the term sheet and 4 business days after the issuance of a commitment.

According to Cronin, “The lender went above and beyond in addressing the borrower’s needs, particularly with the scheduling of the fast-paced closing.”

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